up to 40,000 ( 100,000 for senior citizens) §80E – Student-loan interest §80EE – Home-loan interest (up to 100,000 on a loan up to 2.5 million) §80G – Charitable contributions (50 or 100 percent) §80GG – Rent minus 10 percent of income, up to 5,000 per month or 25 percent of income (whatever is less) §80TTA – Interest on savings, up to 10,000 §80TTB – Time deposit interest for senior citizens, up to 50,000 80U – Certified-disability deduction ( 75,000; 125,000 for a severe disability) §87A – Rebate (up to 12,500) for individuals with income up to 5,00,000 80RRB – Certified royalties on a patent registered on or after 1 April 2003, up to 300,000 §80QQB – Certified book royalties (except textbooks), up to 300,000 Due dates The due date for a return is: 31 October of the assessment year - Companies without international transactions, entities requiring auditing, or partners of an audited firm 30 November - Companies without international transactions 31 July – All other filers Individuals with an income of less than ₹500,000 (less than ₹10,000 of which is from interest) who have not changed jobs are exempt from income tax. Although individual and HUF taxpayers must file their income-tax returns online, digital signatures are not required. Advance tax The practice of paying taxes in advance rather than in a single sum at the end of the fiscal year is known as advance tax. These taxes, often known as the 'pay-as-you-earn' scheme, is paid on tax bills above ₹10,000 in installments instead of as a lump sum. The schedule of advance tax payment for individual and corporate taxpayers are: On or before 15 June – 15 percent of advance tax liability On or before 15 September – 45 percent of advance tax liability On or before 15 December – 75 percent of advance tax liability On or before 15 March – 100 percent of advance tax liability Amendments due to Covid-19 There was no change in the timeline for tax payment; however, if the deposit of Advance Tax is delayed, a reduced interest rate of 9 percent per annum, or 0.75 percent per month, will be applicable instead of the current rate of 12 percent per annum, or 1 percent, for payment of all taxes falling between 20 March 2020 and 30 June 2020. Tax deduction at source Income tax is also paid by tax deduction at source